no managing director?, page-2

Richard Henning's reply regarding new MD, thanks BB.

"The Board is actively looking for a replacement MD - as you might imagine, getting a quality candidate with immediate availability is not an easy task.

I think it would be misleading to call it a delay - but we will take as long as is necessary to find the right person.

The Chairman, Steve Galloway is 'acting' MD and is assisted by John Main in respect of guidance on the technical side of operations. The executive team is still working as before, but now report to Steve and John - both of whom, I might add, have terrific experience. We also have the corporate and financial advisors at Rothschild providing input.

The new CEO for Swakop Uranium will be announced shortly.

I believe that we are in good shape and remain on course.

Regards

Richard Henning."